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Automotive Sunroof Market Regional Trend & Growth Projections By 2019-2025

Author : Rahul Varpe | Published Date : 2019-08-06 

According to a research report by GMI the global automotive sunroof market valuation is estimated to surpass $40 billion by 2025.The global automotive sunroof market is susceptible to encounter multiple opportunities in the following years, on account of technological advancements in sunroofs, the launch of new automotive models, and increasing investments into R&D for developing advanced technologies.Propelled by growing luxury automobile sales in emerging economies like India and augment demand for EVs worldwide, the automotive sunroof industry is projected to accrue substantial gains over the forecast timeframe. 

Considering the geographical penetration, it would be vital to mention that the Europe automotive sunroof market will depict substantial growth over 2019-2025, powered by the presence of several automotive majors across its nations. Eminent automotive manufacturers operating in the region include BMW, Volkswagen Group, Fiat Automobiles S.p.A and Daimler AG among others. These companies are constantly introducing advanced products and expanding their production capabilities to meet the growing demand.

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Recently, the German luxury brand Mercedes kicked off 2019 with a sale of 22,507 vehicles. Sunroofs in cars act as a top-notch luxury feature, with most luxury cars having one with higher-end variants as well as lower end. The growing demand for luxury cars will thus drive the global automotive sunroof market demand over the forthcoming years.

Lately, the electric vehicle market is experiencing immense growth in the Asia Pacific owing to the rising environmental problems coupled with government support. This growth can be attributed to the surging demand from nations like China, which has apparently become the world’s largest electric vehicle market. The nation is home to major market leaders like BYD, which is the world’s largest electric vehicle maker. The company is anticipating increased demand for electric vehicles in China along with continued growth in the coming years. The global automotive sunroof market will thus gain significant prominence in China and other APAC economies in the coming years owing to the growing demand for electric vehicles across the region.

Impact of India’s expanding luxury vehicle segment on the automotive sunroof market
 

The Conditions: According to the Indian Brand Equity Foundation, in 2017 India became the world’s fourth largest automobile industry, with vehicle sales reaching the 4.02 million mark. To keep up with evolving consumer demands, automakers have made investments for advancing several aspects of a passenger car. The rise in vehicle demand seems to have benefited the luxury vehicle segment as well, with Mercedes Benz, one of India’s largest luxury vehicle manufacturer, increasing its production capacity by more than 20,000 units per year in 2015.
 

The Culture: Opportunities for the automotive sunroof market are further strengthened by the fact that vehicle sunroofs are increasingly being viewed as a status symbol among Indians, proving the country’s tremendous potential to further accelerate demand for the luxurious feature.
 

The Growth: Owing to a robust economic growth and a strong customer base, India’s luxury car segment is shaping up to be substantially lucrative. In 2018, Mercedes-Benz had topped luxury car sales in the nation, selling a record 15,538 units, with BMW and Audi selling 11,105 and 6,463 units respectively. Since most luxury vehicle OEMs provide a sunr

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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